GBP/USD Elliott Wave Analysis: 27/12/2019 – 03/01/2020

The pair GBP/USD remains likely to grow under correction. Estimated pivot point is at a level of 1.2907.

Main scenario: long positions should be considered from corrections above the level of 1.2907 with a target of 1.3210 – 1.3281.

Alternative scenario: breakout and consolidation below the level of 1.2907 will allow the pair to continue declining to the levels of 1.2735 – 1.2546.

Analysis: Supposedly, a descending correction of senior level in the form of a zigzag-shaped second wave (2) finished developing on the daily time frame. On the H4 time frame, wave (3) has started forming, with the first wave 1 of (3) formed and correction 2 of (3) developing inside. On the H1 time-frame, apparently, a descending impetus has formed in the form of wave a of 2 and an ascending correction is starting to form as wave b of 2. If the presumption is correct, the pair may be expected to rise to the levels 1.3210 – 1.3281. The level of 1.2907 is critical in this scenario as the breakout will enable the pair to continue declining to the levels 1.2735 – 1.2546.

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